August 22, 2002	Thursday	Jamadi-us-Saani 12,1423

ISLAMABAD, Aug 21: Direct foreign investment (FDI) is flowing steadily into Pakistan with increasing momentum as a result of certain initiatives taken by the Board of Investment (BoI), it was officially stated here on Wednesday.

Allaying an impression prevailing about stagnation in investment, BoI spokesman said “potent” investors including world-fame multinationals from China, the US, Japan, etc., were pursuing their investment ventures. Accordingly, work on some mega projects in certain parts of the country was well in progress.

A new fast air-conditioned rail service launched between Karachi and Lahore (later to be extended to Rawalpindi) symbolised the unshakable ties between China and Pakistan, he claimed.

Another team of 146 experts from the Shenhua Group of Chinese companies had arrived in Pakistan to complete the on-going feasibility studies in the Thar Coal Mines region. Well-drilling had also been started in the region to speed up the process.

Under another BoI initiative, 20 out of 27 affluent overseas Pakistanis had been appointed as Honorary Investment Counsellors (HICs). In this regard, the spokesman referred to the deals concluded recently between the City District Government of Karachi (CDGK) and HIC-coordinated US enterprises.

Besides, an amount of $225m was expected to come in as FDI after execution of seven MoUs. Under some of these MoUs:

(1) Texas USA would invest in a fast food franchise; (2) A. Salman Usmani, Texas would help develop a software centre in Karachi; (3) Allstate Inc. Houston would launch investment projects for the development of Karachi beaches, 4-star hotels and resort city sites; and (4) G.F. Loya LLC, Houston, have agreed to set up Karachi Circular Railway and safari parks.